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GBPUSD Daily
Supports : 1.29450 , 1.29050 & 1.28450
Resistances : 1.30000, 1.30450 & 1.31050
Cable is in the sideways from 15.10. with some up and downticks.
Waiting for two major outcomes : US Election ( today) and FOMC ( Thursday ).
If we put aside that influence , strictly chart wise, a Pattern is forming for another Uptrend Episode.
Breaks of given supports/resistances won’t mean anything if it won’t be followed by few days of continuation !
Sit on your fingers ( use them to hold a coffee cup ) and wait for the outcomes.
USDCAD VOLATILITY TRADE
On the 12-month chart, price show an impulsive bearish move that took 6 years to complete. In tandem with price action, the bullish correction that is currently active has taken 14 years. Price is yet to contact a fresh long-term supply sitting at 1.544.
On the monthly and weekly charts, the structure is still the same. Price is seeking to contact a short-term fresh supply at 1.44.
On the daily chart, price continues to form new highs. In the short term (daily), we are looking at a bearish price correction fueled by the US election volatility. Price is expected to correct towards the 1.35-1.32 range after that resuming the original long-term bullish price correction.EURUSD 1 HOUR CHART – ON HOLD
EURUSD in a holding pattern awaiting the results of the US election.
If trading, stick to short-term charts and day trade as even if you call the election right, you could be caught out by an early vote headline.
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Current range is around 1.0870-1.0915, the bottom end is the top of the gap.NAS100 DAILY CHART – BUCKLE UP
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NAS100 closing around the 20K level, which is the obvious bias setter once the dust settles on the US election. Expect alot of chop as election headlines come out until a clear winner emerges and the make up of Congress is known.Looking at the chart, risk is tilted down but to suggest the top is in, the trendline would need to be taken out.
For trading in general, expect false starts on news headlines and as noted, how markets end the week will be more important that what goes on in between.
AUDUSD 1 HOUR – WILL IT FILL THE GAP?
Brief break of .6615 not following through (.6646-61 above it)
Opening week gap to ,6559
Amazing Trader Directional Indicator (2 blue lines) shows potential for a top but only a break of .6585 would confirm and put the gap in play.
Key event risk: RBA decision… see PREVIEW
US500 DAILY CHART -ELECTION DAY IS FINALLY HERE
Once the dust settles, I would ask the question which is better for the stock market, Trump or Harris?
This is not as clear cut as it appears, as Trump comes with a risk/reward while Harris seems more of the status quo, assuming there is a divided Congress.
In US500, a firm break of 5700-5800 will dictate the eventual tone. Support in the 5600s, key resistance is at the record high.
Otherwise, hold on to your seat belts in a market where how it ends the week may be more important than what happens in between,
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